Harbinger Increases Cablevision Stake, Seeks Meeting

Aug 22 2008 | 12:06pm ET

Activist hedge fund Harbinger Capital Management is upping the stakes in a potential battle with New York-area cable television provider Cablevision Systems.

Upping its stake in Cablevision, that is: Harbinger bought more than 7 million additional shares in the Bethpage, N.Y.-based company and now owns an 8.1% stake. The hedge fund had built up a 4.9% stake in Cablevision during the second quarter.

Harbinger said in a statement that is hopes to meet with Cablevision management “in the very near future.” Cablevision, for the first time in years, has been meeting with large investors, as well as its first quarterly dividend. The company said it would consider a payout, share buybacks and spinning off some of its divisions, including Madison Square Garden, which owns basketball’s New York Knicks and hockey’s New York Rangers.

Cablevision, like earlier Harbinger target The New York Times Co., has a dual-share class structure, giving most voting rights to the controlling Dolan family. Harbinger struck a deal with the Times’ controlling Sulzberger family for board representation.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note